Can you play sports bet with LMIA?

[donald2374]

I heard making the extra income other than from your workplace is not allowed with closed work permit. Does it count for sports betting as well? I might make a bet of $1000 and if I happen to win, the return would be $2500. I'm just wondering if it would also count as extra income.

I will play it through playalberta for your information.

 

[CarlaMckinney]

I'm not much of a sports gambler myself, but it's always interesting to hear from those who are. Congrats on your winnings! Even if they weren't enough to trigger tax forms, it's still important to report them as other income, as you mentioned

 

[Kaibigan]

I heard making the extra income other than from your workplace is not allowed with closed work permit. Does it count for sports betting as well? I might make a bet of $1000 and if I happen to win, the return would be $2500. I'm just wondering if it would also count as extra income.

I will play it through playalberta for your information.

I'm no fan of gambling and have no expertise, but it seems to me that betting $1,000 for a chance at $2,500 (you say a "return" of $2,500, so I'll take it that would be in addition to your initial capital) is not a great prospect. Maybe it is if, for example, only 3 people in the pool, so you have a 1 in 3 chance. Maybe it's just that I don't know a good bet when I see one.

 

[Canada2020eh]

I heard making the extra income other than from your workplace is not allowed with closed work permit. Does it count for sports betting as well? I might make a bet of $1000 and if I happen to win, the return would be $2500. I'm just wondering if it would also count as extra income.

I will play it through playalberta for your information.

I don't think LMIA has anything to do with it. The good news is you get to keep all of it for yourself, non-taxable, lotto and gambling. From H&R block site:
Do I have to claim my lottery and gambling winnings?

No. Your lottery and gambling winnings don't have to be included as income on your tax return. These types of income don't fall under any of the broad categories of income described in the Income Tax Act.

 

[foodie69]

It's essential to understand the rules and regulations related to your work permit when it comes to earning extra income. Sports betting can be a fun pastime, but whether it counts as extra income or not might depend on your specific circumstances and the jurisdiction you're in.

I got this

 

[michaelcwyatt]

Yes, well, I've read this discussion and still haven't figured out for myself if my betting winnings are taxable.
Because recently I just got excited about it, started analyzing and making assumptions without making a bet, and it seems to have turned out quite well. And SB, which recently passed, gave me the opportunity to practice.
I understand that turning to a lawyer for advice is the best thing I can do. Ohh

 

[michaelcwyatt]

And to add to that, considering the complexity of tax laws and their variations from one jurisdiction to another, it's becoming increasingly important to not only consult a legal expert but also to stay informed about any changes in legislation that might affect taxation on winnings. This is especially relevant in the context of engaging in online betting or gaming, where the legal and tax implications can be significantly different from traditional forms of income. For enthusiasts who enjoy placing bets or those interested in exploring the world of online gaming, visiting platforms such as completesports.com can provide valuable insights into the best betting sites. This resource can be particularly useful for understanding the financial aspects of online betting, including potential tax obligations. Furthermore, staying updated with such platforms can aid in navigating the intricacies of tax regulations, ensuring compliance, and optimizing the overall betting experience in the ever-evolving landscape of online gaming.

 

[unitedbronx]

I heard making the extra income other than from your workplace is not allowed with closed work permit. Does it count for sports betting as well? I might make a bet of $1000 and if I happen to win, the return would be $2500. I'm just wondering if it would also count as extra income.

I will play it through playalberta for your information.

So, about making extra cash while you're on a closed work permit – typically, those rules are more about jobs or running your own business. But when it comes to gambling, like the $1000 bet you're thinking about, it's a bit different. That kind of money you will win much faster in an online casino, byt the way. And it is usually seen more like a lucky break than a job. It's not the usual 'income' from working. But, and it's a big but, gambling winnings can get tricky depending on where you are and your status. It's not about the work permit but more about other stuff like taxes etc. Honestly, it might be worth chatting with someone who knows about casinos to get a better idea about gambling in Canada. I used to read a very interesting website one day. There is a blogger, who also likes sharing gambling experience with other people. So you might want to google it.

 

[foodie69]

Scammers everywhere

 

[unitedbronx]

Ugh, seriously, there's no need to go too far away to hunt down this blog, because it's one of the most popular in Canada. Anyone who's brushed against gambling knows Mia and can recite her site address from memory. This link https://www.miasgamingjourney.com/ as you see, is super easy to remember. Mia writes engaging, captivating articles on gambling. For example, a recent one delves into the differences between social casinos and sweepstakes casinos. I'm a newbie like you, totally clueless about social casinos previously. Turns out, social ones all about fun and social interaction without real money involved. You probably know the drill with other types of casinos. I think these games are a great way to get the hang of things. Plus, there was this cool article about which casino game is the best. Check it out; there can be some surprising bits for you in there.

Thanks, bro for your input. probably this was the blog I had seen. Checked out the article about social casinos, it sounds really cool. Looking forward 2 seeing more new ones soon. I have my own personal tricks for the Roulette, can share it with you all here, if you don't mind.

 

[unitedbronx]

Scammers everywhere

What made you place such a bitter comment? This guy helped me.

 

[foodie69]

What made you place such a bitter comment? This guy helped me.

You're either a scammer too or delusional or both

 

[milon45]

And to add to that, considering the complexity of tax laws and their variations from one jurisdiction to another, it's becoming increasingly important to not only consult a legal expert but also to stay informed about any changes in legislation that might affect taxation on winnings. This is especially relevant in the context of engaging in online betting or gaming, where the legal and tax implications can be significantly different from traditional forms of income. For enthusiasts who enjoy placing bets or those interested in exploring the world of online gaming, visiting platforms such as jepe77 can provide valuable insights into the best betting sites. This resource can be particularly useful for understanding the financial aspects of online betting, including potential tax obligations. Furthermore, staying updated with such platforms can aid in navigating the intricacies of tax regulations, ensuring compliance, and optimizing the overall betting experience in the ever-evolving landscape of online gaming.

In many jurisdictions, including Canada, earnings from sports betting are typically considered taxable income. Whether it constitutes "extra income" in the context of your closed work permit might depend on the specific terms and conditions outlined by the Canadian immigration authorities. Since you mentioned using PlayAlberta, it's worth noting that they are a licensed and regulated platform, so your activities are likely legal and above board. However, if you're concerned about the implications for your work permit, it may be wise to consult with an immigration lawyer or advisor who can provide personalized guidance based on your situation.